If the Government Allowed a Free Market in Organs for Transplant

question 23

Multiple Choice

If the government allowed a free market in organs for transplant there would be

• A)a decrease in the shortage of organs for transplant.
• B)a decrease in producer surplus.
• C)an decrease in consumer surplus
• D)an increase in the waiting period for transplant organs.

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Definitions:

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not identical, leading to competition based on quality, price, and marketing.

Long-Run Cost Curve

A graph showing the lowest cost at which a firm can produce any given level of output in the long run, when all factors of production are variable.

Average Total Cost

The total cost of production (including fixed and variable costs) divided by the number of units produced, indicating the per-unit cost of production.